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362 Outer Main Street
Potsdam, NY 13676
$299,000
Conventional
Property
Bedroom
6
Bathroom
3
Property Type
Conventional
Square ft
4055
Property Description
Tastefully restored 1800's home on a private, landscaped 1.4 acres just past SUNY Potsdam. Throughout the years, the property was used as a multi-unit home (three apartments), a fraternity (Phi-Kappa Sigma), was home to the Mountain Tree Alternative School and most recently is a single-family home. Talk about a history! Upon entering this grand home, you will be greeted by a very large mudroom with an abundance of storage. Drop your belongings and head into the eat-in kitchen with quartz countertops and stainless appliances. The kitchen is open to a cozy living room with free standing propane stove, which will convey. Off the kitchen is a gorgeous sandstone patio with vine covered pergola which overlooks the tree lined property. Also off the kitchen is a great 5'x8' pantry for all your storage needs. Additionally on the main floor you will find a half bath, dining room, large formal living room and an enormous bonus room which once housed a classroom and is currently used as a great office. This could easily be a main floor bedroom as well. Up the front staircase there are six additional bedrooms, two full bathrooms (one with laundry) and an office space/den which was previously used as yet another bedroom. At the back of the house, a second staircase takes you down to the kitchen area. There are five entrances into the house, all of which have been redone and porches added, which beautifully match the character of the home. Located right off the paved circular driveway there is a 28x28 two-car garage with workspace, and a second floor which has an enormous amount of storage space. The property is surrounded by fields, woods and an abundance of landscaped perennial beds. The home has a full, dry basement, updated electrical and heating systems and has additional insulation and updated windows. Most recently, the two back bedrooms were re-wired and sheet rocked. Ask your Realtor® for a copy of the additional updates. You will not be disappointed with all this home has to offer. You will not want to not miss out on such a fabulous country home right outside the village limits.
Property Information
Lot Size
1 acre(s) square ft
Property Type
Residential
Year Built
1880
MLS Number
49287
Location
Address
362 Outer Main Street
City
Potsdam
State
NY
Zip Code
13676
County
SAINT LAWRENCE
Listing
Provider
Pat Collins Real Estate, original listing
Name
Pat Collins Real Estate
Phone
(315) 386-4521
Office Name
Grasse River Real Estate, LLC
Office Phone
(315) 386-4521
Agent Name
Nicole Hayes

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.